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ADIA to invest $400m in Indonesia-based GoTo’s pre-IPO fundraising

ADIA to invest $400m in Indonesia-based GoTo’s pre-IPO fundraising
The transaction is ADIA's largest investment in Indonesia

UAE - Mubasher: A wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) has inked an agreement with GoTo Group, an Indonesia-based digital company, for ADIA to invest $400 million in GoTo's pre-IPO fundraising.

The transaction is ADIA's largest investment in Indonesia and the first principal investment by its Private Equities Department into a technology business in Southeast Asia, according to a press release on Wednesday.

The other existing GoTo investors include Alibaba Group, Astra International, Facebook, Global Digital Niaga (GDN), Google, KKR, PayPal, Sequoia Capital India, SoftBank Vision Fund 1, Telkomsel, Temasek, Tencent, and Warburg Pincus.

The Executive Director of the Private Equities Department at ADIA, Hamad Shahwan Al Dhaheri, said: "We have been closely following the work that Gojek and Tokopedia have done to spur economic development and innovation in the region even before they came together, and are very excited to partner with the combined GoTo and its management team in the next phase of its development."

Meanwhile, the GoTo Group CEO, Andre Soelistyo, commented: "We have always found that success comes about as long as we stay true to our mission to empower progress, by focusing relentlessly on improving lives and helping to build livelihoods in the markets in which we operate."